General Mills Inc. GIS, -0.42% shares fell 2% in Wednesday premarket trading after the food company reported fiscal third-quarter earnings that fell short of expectations. Net income totaled $595.7 million, or 96 cents per share, up from $454.1 million, or 74 cents per share, last year. Adjusted EPS of 82 cents missed the FactSet consensus for 84 cents. Sales of $4.520 billion were up from $4.180 billion last year and beat the FactSet consensus for $4.454 billion. General Mills says it will resume its share buyback program. The company, which expects at-home food consumption after the pandemic is over to continue to be elevated compared with pre-pandemic levels, is guiding for full fiscal year organic net sales growth of 3.5%. The FactSet consensus is for full-year sales of $17.834 billion, suggesting a 1.2% increase. General Mills announced on Tuesday that it would sell its stake in the European Yoplait operations in exchange for full ownership of the Canadian Yoplait business. Other General Mills brands include Pillsbury and Cinnamon Toast Crunch cereal. General Mills stock has gained nearly 27% over the past year while the S&P 500 index SPX, -0.76% is up 59.8% for the period.
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